Ripple’s xCurrent under analysis: SBI’s latest document

SBI Holdings, on June 28th, released a document providing an overview of topics related to financial results and business strategies of companies under the SBI Group. In its document on active investments in FinTech ventures, the Ripple Network is seen to have SBI and Google, both the market bulls on its investors’ list, based on previously stated data by CB Insights.

Other top FinTechs such as Digital Asset, Blockchain, Circle, LedgerX are also receiving concrete investment support.

The document has captured all the developments of FinTech ventures, including that of Ripple with the focus on its product and impact in the remittance sector.

Analysis of xCurrent: 2018

xCurrent made the first case of ‘international remittance utilizing blockchain-related technology’ in Japan. The cross-border transaction happened between SBI Remit in Japan and SCB in Thailand.

The remittance period from Japan to Thailand was reduced to a mere 2-3 seconds from 1-2 business days via xCurrent.

Santandar Bank, headquartered in Boston also adopted xCurrent’s utility in its new product, One Pay FX, earlier this year.

A dramatic dissent in commision fee and transaction period was noted.

Ripple’s remittance global network has over 100 financial institutions on board, in support of xCurrent

XRP performance graph | Source: SBI Group

R3, which is an enterprise software firm of over 200 networks including financial institutions, regulators, and trade associations. Back in 2016, Ripple’s former CEO, Chris Larsen, signed a deal with R3 that privileged R3 to buy 5 billion units of XRP for ‘less than a penny’. In today’s date, the same contract is now worth $12 billion, which has led to the birth of a major lawsuit and series of accusations between the two parties.

SBI, in its document, has suggested R3 to partner with Ripple and establish a joint venture based out of Japan. SBI’s focal point, during all these events, remains ‘finance to transcend finance’.

Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.